Insurance term
Workers' Comp Experience Mod
The experience modification factor (experience mod) is a number that adjusts your workers' comp premium based on your past claims compared to similar businesses. A mod above 1.0 raises your cost, while below 1.0 lowers it. A strong safety record improves your mod over time.
Why it matters
A lower experience mod directly cuts your workers' comp premium, so workplace safety pays off on your bottom line.
Related coverage: Workers' Compensation →
See also